Wednesday, November 1, 2017

NOC hikes petro price

Nepal Oil Corporation has jacked up price of petroleum products effective from midnight.
According to NOC spokesperson Birendra Goit, the corporation has increased Rs 2 per litre in petrol, Rs 1.50 per litre in diesel and kerosene, and Rs 25 per cooking gas cylinder. "As per the new price, petrol will be available on Rs 100, diesel on Rs 75.50 and a cooking gas cylinder on Rs 1350," he added.
Since Nepal has been importing petroleum products from the Indian Oil Corporation (IOC), NOC fixes price of the petroleum products based on price list sent in by the IOC on 1st and 16th of every Gregorian month.
The government owned oil monopoly said that it has increased the price of petrol, diesel and kerosene and liquefied petroleum gas – popularly known as cooking gas – today as the price of the crude oil in the international market has seen increament. "We had to adjust the prices of other products due to increment in prices in the international market," he added.
NOC has, however, has not changed the price of aviation fuel.
Even with the increment in the price of petroleum products, NOC will make profit of only Rs 19.70 million due to heavy loss in cooking gas, the NOC claimed, adding that it bears Rs 115 million loss per month even after implementation of the new rate.
Though, NOC has adopted automatic pricing system to adjust price of petroleum products according to the international price, it has not changed the fuel price since February.